Zostel withdraws application against PRISM, Delhi HC refuses SEBI intervention
Zostel has withdrawn its latest application in its long-running legal battle with OYO's parent company, PRISM.
The Delhi High Court said Zostel can refile the plea if needed but won't step in on Zostel's complaint to SEBI about OYO's IPO plans.
This is just the latest chapter in a dispute that started way back in 2015 when OYO tried to buy Zostel.
Zostel seeks nearly 7% OYO stake
Zostel says it deserves a nearly 7% stake in OYO, but courts haven't agreed so far.
In May 2025, the Delhi High Court set aside the arbitral award underlying Zostel's claims, holding that there was no concluded deal between the parties. An appeal is still pending.
Meanwhile, PRISM said Zostel's applications were frivolous and not maintainable after two quick withdrawals, including one on July 8 and another on August 10.